tv First Up With Angie Lau Bloomberg October 11, 2015 7:00pm-9:01pm EDT
china's economic slowdown continues to cause heartburn for economists. but apparently not for china's consumers. the recent golden week holiday saw a surge in spending from dining to travel. that is here with the tally and it ain't too shabby. 750 million trips taken. japan's most popular destination. 4 million tourists traveling abroad. really remarkable to find a secret -- the slowdown. the equivalent of the gdp of kuwait spent over this weeklong holiday. that tells you the spending power of the chinese. 750 million trips as we said. hugely popular as more and more people rise up.
now we see sales and restaurants and retailers over a trillion .he chinese yuan despite the slowdown the concern for economists is doing quite well. angie: what is the view of the markets in china as we take a light of this rally in shanghai? zeb: perhaps the money taking the money that they put in this market of course restaurants and shopping over the holidays. the shanghai composite.
this rally to route pattern we seen continues. consumer spending fees housing all of this coming together to contribute to the rally to route the narrative. the next two months look like a going to be very interesting. angie: the name of the game this year and likely next. the imf has wrapped up its annual meeting with china. another major talking point was the fed. the rate hike this year is still on the table. ?ho is saying what here
analyst mostto one of them have to start talking about the rate hike this year's something because the market is counting on it not happen. spelling out the reasons why most officials including himself are of the view that a rate hike -- a rate hike is warranted before the end of the year. we do not currently anticipate this recent developments on the u.s. economy will prove to be large enough to have a significant effect on the past the policies.
it's the other things also structurally and generation. getting out of the labor force. i think all things equal he and other people have said it's healthy. >> we are telling the comments here. what the odds of a rate hike it's below 40%: now. we have the atlanta fed president. the new york fed president and .f course angie: thanks for that. and thank you for ranking today. let's check in on markets.
day asiancer awareness is kicking things off like this. as trillion equities holding slightly. we have the aussie dollar at 73 u.s. cents. aftereakening right here a seven-week high. in new zealand right now this is the view from there. in games. let's check in on other headlines. greece has a quote well advanced and to cut costs by up to 10%. newspaper reports say this could translate to a reduction.
david drawn moved to america in 2009, the same year the weather was bailed out by taxpayers and filed for bankruptcy. ireland's state broadcaster has said he may file criminal charges in dublin. bloomberg they considered raising its -- from 42 pounds per share to 43 that's as much as 66 u.s. dollars. it has not countenanced formal talks because it considers the list too low.
between them the two companies control half of the brewing industry. the group that produces and controls 40% of the worlds oil says the industry's best days are still ahead. what's driving opec's optimism? >> the best is yet to come. they think that even though they're producing 30 billion barrels a day it could increase by about one half-million barrels over the day next year. since there are number of reasons why we should start to see an uptick in the oil prices. they're expecting that they're going to see pickups so hopefully we will get that on our screens.
by 2040 we will see hundred and 20 million barrels a day. in global demand will increase by big stockpiles. there certainly hoping that the market will become a lot more balanced, particularly over the next year area we look at what crude oil done over the last year it's all coming through. of course looking a little more bullish at this stage on the oil prices for the next couple of decades. angie: opec a little press and here. oil prices have a gain.
only 16 of 41 are bullish on oil prices. only few analysts have come to opec's way of thinking. there's major violence in syria where they are producing oil. expectingent they are that it will become a lot more balanced of the next couple of years. angie: coming up stanley fischer remains optimistic that the fed will raise rates this year. but our next guest remain skeptical.
implementing its new nuclear program. this allows the government to withdraw from the agreement if world powers do not lift sanctions. tried.ers repeatedly he stood alongside kim jong on. they celebrated 70 years since the founding of the party. he's ready to stand up to any threats posed by the united states. two lighthouses on a disputed island chain heightening concern. the lighthouses are on the
region -- the air and islands they also claim -- they also are claimed by taiwan, malaysia, the philippines vietnam, andrew nine. take a look at what to expect from the week ahead. global head of fx strategy joins us from sydney. take you for joining us. you heard of over the weekend, we have more presidents of that reserves and of course stanley fischer coming out saying we will likely see a rate rise likely this year, do you believe it? >> i'm a little skeptical. we do have a forecast. level is pretty
weak. the speakers that we've had since friday has said several of them have been stressing. i think markets have expressed skepticism throughout this year in the foreign exchange market we tend to see the dollar strong in anticipation of moves are the having occurred. i think they got it right. think we're getting to that stage now where that's why the u.s. dollar has been weakening. increasing skepticism that the fed will move. therefore i think were in that situation now where seeing is believing. anticipatory buying of u.s. dollars. kind of seeing it right now with the volatility.
what does the u.s. weaker dollar translate into four emerging-market currencies? >> will have some pretty phenomenal moves. it's at 9% in the last four weeks. it has reversed a good part of september. your part and parcel with the genuinely softer u.s. dollar. think this is a bit of a temporary hiatus. its willing to run a fairly stable policy for the time being. i think it's going to be of upon
is that ultimately will refresh. tona does allow its currency manage depreciation. that could be the trigger. so for em currencies do you think it's fine to be a rallying situation? do you think the timeline is very much tied to china or the fed? which do you think will drive the buzz. >> i think both. i think that's the real change now. the asian em has to some extent become detailed is wagging the broader dollar dog. you can look at the u.s. in the fed and if the fed is going to stand back, one of the key the windsr that is blowing from the chinese economy
through the em. all of those -- although he was saying at the weekend we make positive for the u.s., remember than its bigger today was in the fed was last undertaking the timing. and that's for the interdependence of the u.s. economy on china specifically and the yen in general. on a think that's why were seeing this. start time to pull the trigger on higher interest rates. angie: we've seen the rally in the aussie and qe dollars as well. of course we got the golden week figures that came out and basically said that domestic spending is actually supporting the chinese economy. what you forecast to see and the next week or month? >> think one thing i would say is we're going to get trade numbers tomorrow and i think that'll be a big actor.
particularly in terms of the strength of imports. he we has gone from 62 to 67. the thing levels around 67 will potentially be attractive to thinking about short positions in the new zealand dollar. were little more optimistic i think. if you put that together, one of our favorite trends of the moments. thanks so much for that. we're looking ahead to the chinese trade numbers and also rate decisions from india -- indonesia and korea as well.
argentina dumped namibia and japan was too strong for the usa. servant posted south africa wales in south africa. memory some the past with france taking on new zealand. today syria's the first team to win three group games but failed to go to the knockout stages. they also beat samoa and now the usa. now from the world's top 10, players are in hong kong this week for prudential. caught up with venus williams to ask about her work on the tennis court. i feel like i have an entrepreneurial spirit. possibly by my parents, essentially my dad.
businesses off the court. i always wanted to know i was outside the tennis because when you're young person and you start the tennis of years old, 30 years and it to you are. for me it was important to know where i was off the court, so starting a business is a big challenge. it's important that i have good team members but also important that i understand the industry as well. because you can only rely on other people so much. i deftly of learned a lot in business. it's helped me to appreciate being at the top of my game in tennis is when you start, you start at the bottom. >> the discipline it comes from the training that you do as well. next yes. the training in tennis is just my personality. 100,000%. i am completely all in. i've learned so much from tennis that i take out to the business as well. >> coming about playing with
serena i imagine you have a bit of friendly sibling rivalry, what's it like being in a grand slam with your sister? >> obviously the best moments are when you're playing. one remnant of a final playing for the trophy, those are the moments that we dream four. we had that opportunity quite a few times now. i really am hoping will get the chance to do it again as well. >> what you looking forward to mr. newman here in hong kong? >> that the first time i played an official wtf event in hong kong. play exhibitions getting ready for the season, but this is the first important one. i'm looking to finish the season, this is my last tournament of the main season. i want to finish with a bang and if i can get it when i think i will be the happiest girl in hong kong area >> we're all behind you. what's next?
>> and images stopper a second. in tennis you don't get to stop. it's 10 months a year and there's eight weeks that you're not playing tournament. half of that time your training. stopr me i would love to just for a little bit and then finally have the opportunity to get more time to helping other people. and help with charities around the world. 6'1" tennis power right there. up, to winning recipe. we hear
angie: it is 7:30 here in hong kong. monday in asia. up breast cancer awareness day. for those of you here thinking about what to wear, working in support of this global initiative for awareness. we are 30 minutes way from the opening of trade in south korea. you're watching first up. the top stories this hour, chinese tourists urged during
golden week holiday's. more than 750 million trips were taken, most of them within china. restaurants and retailers rose 11% from last year's holiday 170 billion dollars. that is kuwait's gdp. more than 40 million traveled overseas. japan south korea and thailand were the top destinations. officials say a rate hike may still be on the table this year areas that the indication from the vice-chairman. at the annual imf conference in lima, they said the economy may lift up before the end of 2015 but he also, this cautioned that they are watching domestic drops -- jobs growth. despite oil tumbled, opec says the best is yet to come. they see demand picking up in it willhs and betting
go to 110 million barrels a day. ministers expect non-opec suppliers will cut next year. cents the supply has price of crude down about 20% of the past 12 months. yesterday in finance minister says he is optimistic about -- he sends a bloomberg and the imf conference in bloomberg -- in lima. julia has been hit especially hard by china slowing growth, is here to say about it russian well yes, china is australia's largest trading partner and obviously the destination for a lot of iron and coal over the years. but the slowdown has impacted trade.
he says the country has been dealing with it not only through production, but the weaker australian dollar has also helped. he remains optimistic about their growth prospects. ,> when it comes to china criminal's jillian point of view obviously china is our most important trade relationship. growth, that's very strong. we are very supportive of the country of chinese -- of their efforts to move from investment driven growth to more sustainable domestic consumption growth. there is a process to go through. we're optimistic about the route forward. >> he went on to further press the case for policy reform here in australia, something that has been a bit of a political sticking point. angie: the free trade agreement
with china is obviously crucial to this government land, it has become bogged down in parliament. any signs the blockage make clear soon? the opposition labor party has been concerned about access to the australian labor market. scare campaign with advertising and political theater. the house is divided here in australia. they could block this if they wanted to. sayingosition member is there could be safeguards offered that would not require renegotiation of the trade agreement. so this may provide a face-saving way. no one wants to be held responsible. paul allen in sydney.
let's check in on markets in asia. first trading day of the week in new zealand were seeing gains. the're looking to extend best rally we've seen since 2011. 66 u.s. cents. equities falling at six times of. australian dollars and 73 u.s. cents. watching that as well. and japan is closed today. look at some of the big events were following this week. expect the latest trade numbers from china tomorrow. economist forecasts a continued drop in exports and imports of the slowdown continues. tuesday also sees the publication of a dutch report ito the downing of mh 17, was hit by a russian-made rocket
tired from separatist territory, moscow says the ukrainian air force may be to blame. everyone on board was killed. the predictable narrowly avoided a technical recession. they expect the central bank to change policy. if it doesn't a recession it would be the first among developed countries due to its dependency on trade. today at the deadline register for next may's presidential election in the philippines. it has started to slow. the son of the late dictator. corner, after months of gloom recent data suggests $1.4 trillion economy is beginning to emerge from the trunk -- the slump triggered by china's low down.
we have shery ahn taking a look into this for us. what are the signs here? >> consumer confidence is picking up. it's hitting the south korean economy, especially exports falling every month this year. also we have the outbreak of mirth in may hitting demand. we are seeing tax cuts luring shoppers back into stores. we have the korean version of black friday now starting. people gearing up to go out and spend, investors also warming up. remember last week we had samsung. that search the biggest more than six years. performance is also raising hope of a renewal in demand for
the country's technology shares. not to mention that south korea was just upgraded by s&p. it's a relatively strong economic -- angie: does that mean less pressure on the central bank? could we see rates remain unchanged? it looks like at this moment analysts are saying that because of his recovery we are probably going to see the central bank holding off on rates. they kept the rate unchanged at a record low one half percent in the last meeting. they're just now saying given the of recovery, it's unlikely that they will act. angie: but there are risks? >> there are risks. china still depends on shipments of steel. electronic supplies and semiconductors.
the federal reserve does go ahead and hike rates, we could see a flight of capital from asia. we are seeing already is slack and inventory. to shipments for manufactured goods where 128%. that's the highest we've seen since 2008. there are all risks out there. we are going to see a recovering south korea according to analysts, but that recovery could be subdued. they expected to grow at 2.8% this year which is far lower than we've seen for the south korean economy the past few years. angie: shery ahn watching this for us this week. thank you for that. time for look at some of the top corporate stores on bloomberg. india haveigators in raided the offices of the airline as part of an
investigation into illegal loans. the carrier is suspected of collaborating with employees of the state they to secure excessive credit limits on a $140 million loan. it was grounded in 2012 over its debt. it shares were suspended in mumbai last year. the government in china is planning to ban the use of private cars for online taxi hailing services and require operators to possess a license. it will also need to pass qualification tests and used cars that are fitted with gps are similar. numbers rival has raised billions of dollars to spend in china and the new rules may threaten those rep -- those efforts. twitter's new ceo has a plan to boost efficiency and sources tell us it could include job losses. -- twitter has
declined to comment. the company currently has over 4000 employees and is reorganizing its engineering department. dorsey have said efficiency is his number one focus. those of the corporate headlines this hour. i'm zeb eckert. angie: from michelin starred chap -- chef we have hong kong catering to all tastes. there are 20,000 meeting places in the city. it can be hard to keep up, but one restaurateur may have found the secret. >> we are in the restaurant business, so food is in my mind the most important. days people's expectations are good service in the right ambience. we try taking a bit of an edge.
this used to be -- the oven is special. authentic. i think the hong kong scene is very competitive. you need to understand the target market very well and have a nice concept. there's so many things to eat. is based on the high street of punjab. the food is a reflection of that. what's missing in hong kong is more of a sustainability. they're closing down one by one. because of the costs. in comparison it's interesting.
had a march calling for peace between the government and turkey's curse militant -- kurdish militants. malaysia has sent special aircraft to help fight forest fires in indonesia. helicopter were offered after the president formally asked neighboring countries to help. the fires of the worst in years. they've affected large parts of malaysia singapore in southern thailand area singapore has also cents aircraft. nepal has elected a new prime minister. he is seen as popular with voters and has a reputation for being outspoken. deputy prime minister and help cap liberals in previous governments. they are suffering a shortage
right now because of the blockaded indian border. copper has lost almost half its value since prices hit a record in 2011 area but there's a warning for hedge funds adding it will fall even further. the world's second-biggest minor says it is trading on fundamentals and those selling should be careful. >> it can be dangerous in the long-term. as we mentioned earlier today weeks that the market to move into a deficit and you don't >>t to have a short position so the question is how long do you think it will take for that process to shake out? that in the next two to three years we move back into --ition and will enjoy angie: that's the look from rio
tinto. but sick a closer look at the process backs. atef investment officer allied securities joins us from sydney. terry good to see you. that profit hedge funds shorting, not so fast. d.c. recovery? >> yes i certainly do. interesting point though, when the market most remote service to a debt -- a surplus to deficit i think what's happening -- you can see the market has already swung into a deficit. i think prices are set to go high. angie: the city doesn't think so. they say and fact they see this route continuing. why we see the discrepancy here amongst industry players? i don't know, but when you're
very close to the market you're going to say there's demand. with copper with the premiums start edge up a couple of months ago. when you see major players starting to reduce and you can all of a sudden see the market reacts then you have markets that will switch around very quickly from a buyers market to the seller's market. we saw that was seeing just over the last couple of trading sessions were resell the 10% move. that was purely on a market move. i think that's going to be more of the same, particularly on the industrial markets. more so coming over. >> as you noted, without prices pop back up 12% so reducing that 16% drop in zinc prices to about 4% for the year do you think more and more producers are
going to start following that lead? >> i think we've already seen it. this is been ongoing for some time. remember the iron ore market. you can see a lot of the miners have been shoring up. cutting losses reducing exposures. all those things that make the sector very promising. to take advantage of any rebound. i think iron ore has a good gauge. remember all that time at sloan prices are still remaining relatively high. last week they were up 5.4%. that's a surefire sign in my book that the commodity is excellent bottoms. the strategy were seeing like that as well in the oil opec trying to price out its
competitors do you also see a bottom for oil? do you see that the industry is where the now consolidation in the weaker producers have really shaken out i think the market is a very good level area do between 40 and 45 had too many producing countries. know, 50 is mid-level and 55 some other production starts to come unchecked. you're finding the oil sector, apart from the geopolitical news which were experiencing at the moment will sit a lot of time in the lower end. actually suggest we spend more time moving through that it probably up to $55 a barrel. d.c. volatility in
commodity prices this week? we have trade data coming out of china tomorrow. do you think china is still very much dictating the prices of commodities? >> i see the volatility continuing but i see continuing to the upside. china's of certainly powerful there's no doubt about it. but when i look at the status quo in terms of the the potential for stimulus, they are way ahead of where they were in 2008. think where it is slowing down i still see china seeking more commodities than ever. think yes it's going to be very important but they're consuming at a rapid rate and i think my biggest concern is when it actually turns around and there is a significant gains.
they will buy shares of vienna development. for will buy 500,000 shares $22 million to local media. i am watching the stock called i.f.k. innovators. -- that's theg stock. it looks of it overbought there's also report. here, go into detail efforts to expand in indonesia. >> i'm looking at a stock that does not have us came from of it. hyundai has supposedly delayed its electric car until next year. there's going to be an electric car expo and south korea. this car was supposed to come out this year but supposedly next year.
bite could be a little inflation today but a lot of eyes on the stock. angie: that's the word from the stock exchange. back in an hour to see how they did still to we live in a pick and choose world. choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number. don't miss the columbus day sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore.
the golden glow sales surged during china's national holiday. come opecs yet to ministers hit a bullish note forecasting a recovery for oil in 2015. serving up success on and off the court, we catch up with seven-time grant land champion venus williams. welcome to first up, i'm angie lau coming to live this monday morning them are asian headquarters right here in hong
kong streaming on your mobile in bloomberg.com. china's economic slowdown continues to cause heartburn for economist, but not for chinese consumers. golden week holiday saw a surge in spending from dining to travel. zeb eckert is here with the tally and it's pretty impressive. that'strillion yuan equal to kuwait's gdp. what's very interesting is the fact that china's market really shaken the world, but has not shaken -- shaken chinese consumers. they came out in force during golden week to spend area 750 million trips taken japan the most popular destination, travel within china also hugely popular. 4 billion chinese when abroad, japan among the most popular does nations.
they did not hold back. everything surged during the golden week holiday, a sign that despite the overall slowdown chinese consumers are unfazed. that's one barometer. about the view of the markets overall in light of the value we've seen in shanghai? zeb: it's been a roller coaster over the last few months. the rally is certainly one that investors are latching onto the moment, but not everyone thinks it's going to last. effective you look at the technical charts, schroeder who correctly predicted it rebound and stocks last time around predicted it would not last, he's predicting that again. he says the shanghai composite will climb about 29% and hit the 4100 level area that still quite
a ways to go. but he says it will slump as much is 41% at the start of next year. he is known for his expertise in charting. analystsok at what's and banks across the region are saying, they believe this will continue. if you are comfortable in the gains the the men he goes the chartists say 2016 is going to be a volatile start. angie: thanks for that. the imf had its annual meeting with china. another major talking part was the fed. saying ar of officials rate hike this year still on the table. who said what? head of theischer fed was speaking in a banking
seminar. we do have full text of those notes. peerstioned a lot of his basically told him just do it. it's causing all sorts of uncertainty. we know from happen. now, that means if you look at what he said during the actual seminar he made the case why a lot of the officials, including himself are of the view that the rate hike is needed by the end of this year. first you take a look of why they didn't raise rates back in september, he says a lot of those factors are transitory, and the emerging markets. we do not currently anticipate the effects of these recent developments on the u.s. economy will prove to be large enough to have a significant effect. ratet to the unemployment
he says are we are we not? that everyone was aware that they are aware of these weak spots in the market. point the pastor job reports were not very good, that's the point. where the current odds in a rate hike this year? >> is changing all the time. i think the short of it is we have a lot of these officials. officials do had to prevent these thoughts from falling too low. in a sense that it then prevents them from raising if they do
intend to raise. angie: thanks for that. quick check on markets here in asia. ofre not really seeing frustration in the rally that futures predicted for asia. asx 200 is down 6/10 of 1%. must trillion dollar holding at 73 u.s. sense that weakening. to react classes just getting underway. just ahead of the rate decision on thursday, there's less rusher on the be ok to have to act. south korea and is actually weakening after 10 straight days of strengthening. there's one market closed in the region today. sportsaining in japan day there.
the group that produces and controls about 40% of the world oil says the industry's best days are still had. opec senate seat a more balanced market next year. juliet has been taking a look at this for us. juliett: and a nutshell we've seen prices fall quite significantly over the course of this year. we've heard that oil prices have now bottomed out. the opec secretary-general is hopeful for a better differential between supply and demand. still pumping 30 million barrels a day and a lot of people are saying that too much, they're saying in a couple of decades only a hundred and 10 barrels a day so that not going to change their production target. next year they say there should be demand for about another one half million barrels of oil a day.
essentially global demand will increase and even though we do have stronger stockpiles that differential is going to lesson. opec countries are going to meet in vienna later this month to discuss the markets that we've seen. you can see we saw about a 7% fall coming through. >> perhaps opec's crystal ball here is a little clearer especially after the big rally in crude. juliett: really big rally. one of the analysts of bloomberg said the economy is most likely over. you can see the course of last week it was up by almost 8%. contracts trading
at about $50 a barrel. we spoke to 41 traders, 16 of them are bullish. it certainly looks like there will be differential between the supply and the demand. angie: thanks for that. checking other stories making headlines right now, copper is down by half. but there's a warning for hedge funds betting it will fall further. those shortselling metal should be careful. >> it can be a very dangerous game because as we mentioned earlier today at some stage we expect the market to move into a deficit and you don't want to have a short position when it was into deficit. >> the question is how long do you think that will take?
>> i hope that in the next two to three years we move back into a deficit position and therefore we enjoy a more fundamental type context. angie: the target company will suspended shares today. he declined to name the company that said it is one he founded. unit group recently agreed to take a 3.8 billion dollars stake in western just -- western digital. the government hong kong says the government -- the number of people living in poverty has fallen to a six-year low. the sages 14% of the city's population and less than foreign 50 u.s. dollars a month.
this in one of the world's most expensive cities. hong kong also has one of the highest collections of people with assets of at least $2 million. coming up, dealing with the fed's plan to raise interest rates while china's economy slows is proving to be a headache for global policymakers. how should investors position themselves? we hear from wealth management coming up next. ♪
angie: turkey has buried the first victims of saturday's twin bombings in ankara. at least 95 people died in the brought theich country's political and ethnic tensions to a new level. it's not known who carried out the attacks, but it hit a march calling for peace between the government and turkeys kurdish
militants. iran has moved a step closer to implementing the deal to curb its nuclear program. they proved an outline of the necessary bill which allows the government to withdraw from the agreement if world powers do not lift sanctions. the session was unusually tense with hardliners trying to prevent the votes in order to undermine the administration. he stood alongside kim jong during a parade and rally marking 70 years since the founding of the country's ruling party. in a rare speech, he said the north will not stray from the socialist track established by his grandfather and he is ready to stand up to any threat posed
by the united states. look at some of the big events we are following for you. we are the latest trade numbers from china tomorrow. forecasting continued drop in imports and exports is the ukraine continues area and the west both saying it was hit by a russian-made rocket fired from separatist territory. moscow says the ukrainian air force may be to blame. everyone on board died. singapore released its third quarter -- third-quarter gdp policy on wednesday. i predict it will narrowly avoided technical recession. if it doesn't a recession, it would be the first among developed countries due to its dependency on trade.
the economy has average 6.6% , but has started to slow. among the hopefuls is the son of the late dictator. it's a busy week in the asia. let's see how things are faring on the first trade day of the week. australia is seeing some wider losses than we saw earlier. still it cap percent down. it's a market action. what are investors to do? >>. it has been a tough month. and others a lot of focus on
october, statistically september is the worst month for returns followed by may. october is actually not that bad. hindsight we really saw markets getting very oversold. now five dollars 60 rallying and 40%. it just shows you the degree of how oversold markets were getting. when you look at fundamentals, we have support coming through to china. china's official pmi is just over 49.8. suggested manufacturing is ok. yes we understand that china is slowing, but the pace of that slowdown is not as much of it turn. i think there's a whole range of
factors. what we really advise clients to hold steady. angie: do you take profits as well? >> it's very much. to some extent it may well be. i think a lot -- a lot of always cumulatively in the markets in september has been happening. we've been talking for 18 months about the fed raising rates. the commentary overnight was potentially -- were pretty comfortable with that outlook. our keyn one of
recommendations. but buying into a strutting companies with high levels of revenue. i guess we are seeing prices in the markets, equity markets at least the u.s. dollars seeing some weakness here as all of those long-term positions -- a lot of people rethinking what they need to do now in the short-term. >> it's not on the cards. i think most of these estimates are just around timing. we're getting a little more positive. we still not seen anywhere near the amounts of response that is cut in production that we would like to see.
marginally. they're still not that positive. with the likese of indonesia the moment. as frustrating the growth will stay around 2.2%. no real change there, having seen the leadership of the government change we may get an additional physical response. >> give us some hints here. give us some names if you could, some conviction trades you're feeling pretty confident about. >> certainly the australian context buying domestic. we like australian companies with revenues greater than 50%, particularly in the u.s.. these are high quality companies with good balance sheets.
david: if monday, october 12. let's get straight to it. forecast on the aussie dollar says that this week's rally does not change the view of the currency. it rallied over 6% early last week. porting to brokers the currency should actually go back below 70 u.s. cents before the end of the year which is the view of several other figures. the forecaster based on data over 12 months ending last week. we have two countries reporting today. malaysia is expected to report a drop in industrial output for august.
looking see if the we currency has provided incentives exporters. india also reporting later on. there forr picture month of improvement. now state of play for currency markets right now australian dollar -- u.s. dollar slightly higher against most. coming up against the emerging-market currencies. now are marks of the weekend from fed officials suggested they could get the rates hike before the end of the year. the malaysian central bank is also speaking in an interview in lima said he expects emerging markets to come down. he did also say that his peers were urging the fed to just do
it. a look at the stories driving the forex markets. angie: the notoriously difficult traffic in paris ground to a halt over the weekend as james bond came to town. the shows are is a and the arc de triomphe saw a parade of some thehe most iconic cars from bond films. the new movie will be the actor daniel craig's fourth appearance as double 07. ♪ a lot more coming up. ♪
could be a liftoff for the u.s. economy, but it is also cautioned that they are watching job growth before making a decision. rise before the fall, that is the message from analysts in china. will goghai benchmark to new york close -- new lows, and analyst says. early -- tripsre than 750 million were taken for holidays, most in ,hina, with sales rising 11% $170 billion. more than 4 million tourists
traveled overseas. an online company says that japan, south korea, and thailand were among top destinations. in asiaking on markets pacific, south korea where we are looking at gains again. they are going back and forth, up a 10th of a percent. s&p.emaining in red, the the estoril finance minister says he is -- the australian finance minister says he is optimistic. and in lima, we will go to paul -- about lima, we will go to paul allen in sydney. what does korman have to say about the slow growth in china? >> china is australia's largest trading partner, they have their eye on full.
-- coal. weakening growth has seen the worst in australia's trade. they are should be more and the weaker australian dollar has helped, but he is optimistic about china's growth prospects. from an australian point of view, this is our most important relationship. 6.9% growth. that is very strong growth by international standards, we are supportive of the country and their efforts to move from investments given growth to a more sustainable consumption given growth, there is a process to go through. we are optimistic about the right way. the finance minister followed those observations by making a
case for economic reform in australia. angie: the free trade agreement with china is obviously crucial for the government there, but it is bogged down in,, any sign that that will be cleared up soon? down, theogged government cannot do what it wants and the opposition labor party is running a scare campaign on access for foreign workers and this chinese trade agreement. not only for the public mother there is political theater around this as well. the suggestion that there might be a solution on the table, there are some protections for workers that wouldn't not need renegotiation for the trade agreement, so that could provide a way out. this certainly is looking confusing for the chinese, australia signing this one day
and trouble getting it through parliament the next. angie: a reminder for viewers fromthat full interview the imf conference will be in 15 minutes from now on this show. south korea is turning a corner, after months of gloom and recent data showing the economy in trouble, it is beginning to emerge. the news comes as we wait on decisions by the central bank later this week. these are hopeful sign. hopeful signs.re down --fit by this slow byed by this slowdown -- hit this slowdown in china, but there is recovery.
although exports have fallen every month this year, there could be improvement at the end of the year and there is a holiday season coming. and in south korea, they are learning about tax cuts, those back.inging shoppers and equity markets are picking up, we saw that in samsung last week, shares skyrocketing after earnings and forecast beat estimates. surge, you can see that spike on october 7. we are also looking at not just samsung, which is a positive sign for the technology shares, but also for south korea as a country, they are being upgraded by s&p. angie: what do we think of them to do on thursday? >> given the recent recovery, they could see the gmp holding
off on cutting rates. they did not cut in september, they left it at a record low, 1.5%. they have cut four times since august last year, but given recent data, we may not see this move. angie: but there are risks? >> the most obvious is the chinese slowdown on because they electronics,na for conductors, this chinese slowdown is scary people away from south korean economy. we are looking at this race of inventory for shipment, that has close to whatis what was in 2008. and there is a flight of capital from asia. isthe recovery is expected
-- the recovery is going to remain subdued. angie: and looking at the bloomberg terminal. >> investigators in india have raided offices of fisher airlines and its owner as part of an investigation into illegal loans. they are expected of -- they are suspected of loans. they were grounded recently over debt. uber and rivals could face setbacks in china, the government is banning the use of cars for online services, and they will need a license. they must pass qualification test and use cars that are fitted with gps. uber has raised billions of dollars to expand in china and new rules could threaten those
efforts. boostr's new ceo wants to efficiency and improve on job losses. cuts will affect all departments, although twitter has declined to comment. they have been reorganizing their engineering department over the past year. the ceo says efficiency is is number one focus. those of the top headlines. tope: some of the world tennis players are in hong kong this week for the credential open, including venus williams. she is busy not just with training, but running her own fashion label. we caught up with her to ask her about her work off the tennis court. >> feel like i have an that isneur spirit,
brought my parents, especially my dad. off the court, i always wanted to know who i was outside of tennis, because when you are young, you start playing tennis at four years old and 30 years old it is who you are, so it was important for me to know who i was off the court. starting a business is a big challenge and it is important, but i have good team members and i understand the industry. on othernly rely people so much. i have learned a lot in business and helps me appreciate being at the top of my game in tennis, because when you start, you start at the bottom. >> yes, that comes from the training, helping with the business side. personalityust my as well, i give 1000%. i am all in. i have learned so much from tennis that i take out into the
business as well. >> tell me about playing with serena, there is sibling rivalry, what is it like to be in a grand slam with your sister? >> the best moments are when we are playing in the finals against each other, or maybe doubles, playing together. we have had opportunity to do that quite a few times and i hope we get to do it again. >> what are you looking forward to at this tournament? >> this is the first time i have played this type of event in hong kong. i have done exhibitions, i played a lot of important matches, but this tournament will be the most important for me. this will be my last tournament of the season and if i can get a win, i will be very happy. williams?xt for venus
>> after i retire, i want to stop for a second. you don't really get a break. it is 10 months a year. half of the time you are training for the next year, so for me i would love to stop for a little bit and finally have the opportunity to get more time to help other people and help with charities around the world. angie: coming up, china's slowdown has taken a toll in australia. find out why the country's finance minister does not see too much cause for concern. ♪
malaysia is trying to fight forest fires in indonesia. a helicopter was offered when indonesia asked for help. these are the worst in the country and many years. singapore has also sent firefighting aircrafts. china started operating on a disputed island chain, heightening concerns for its ambitions. islandsses are on these . they sit on top of natural gas deposits. taiwan, also claimed by vietnam, and other countries. nepal has elected another -- a new prime minister, and he will face challenges, including
rebuilding nepal after april's devastating earthquake. popular with voters and has a reputation for being outspoken. -- former prime minister they are separating fuel shortage held up by blockades at the indian border. and a slowdown in china has affected australia, but there finance minister is still of the -- upbeat. he told bloomberg that he is confident that growth will pick up again. >> they are our most important trade relationship, so it is strong growth by international standards and we are supportive of the country and chinese efforts to move from an investment german growth --
driven growth, to more sustainable consumer growth. we understand that there are challenges, but we are optimistic about the way forward. >> when you talk about challenges, are you confident that they have a handle on the economy/ ? through an go that, there are very serious efforts for sustainable growth. onhow concerned are you commodities? control -- that is why we are always so focused on making sure that we are resilient as possible to do with these issues and to give in his
your budget? >> yes, of course. isaustralia, our budget still on track. we hope to get better access for exporters. a lot of countries representing the world economy and we want better access, more competitive access to the world market. so, from the government's point of view, we want to see the free trade agreement approved by our
angie: from michelin star chefs -- hong kong caters to all tastes. with so many places in the city, it is hard to keep up. we may have found the secret. we will look at how to create a winning recipe. in the restaurant business, inc. in today's scene, people expect minimum expectations of good service and the right and beyond. we try to have a little edge. this seems to be a cold meat
storage facility. our restaurant is also -- the oven we have, this is authentic. i think that the hong kong: anything is very --: gary seeing is a very competitive. there are so many things to eat. based on this concept and it is a reflection of that. in hong kong, there are some amazing local places, but they are all closing down. , this scene is so theresting and part of
poor. hong kong is not preserving not enough. always an easier way to make money, unless you really love the business. it is really exciting. ♪ angie: welcome to the stock exchange. we will check in on what reporters are saying, but first, the theme of today. think for breast-cancer awareness. pink for breast cancer awareness. >> think -- pink shoes. david, you are very pink. pink shoes.nd